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IPO Listed — 02 Sep 2026

Listing Price: ₹72 (-27.27% vs ₹99)

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Annu Projects

Annu Projects IPO Review

Annu Projects IPO has been reviewed by 5 analysts, and the overall consensus is Apply — carrying a score of 76. Out of the 5 analysts who have covered this IPO, 3 recommend subscribing while 2 advise caution or avoidance — reflecting a broadly positive view from the analyst community.

The issue is priced in the band of ₹94-99 per share , with a minimum application size of 151 shares (minimum investment of approximately ₹14,949 at the upper band) . Subscription ran from 25 Aug 2026 to 28 Aug 2026. As of now, the grey market premium (GMP) for Annu Projects IPO is quoting at ₹-7 (-7.07%), which gives a preliminary sense of how the street is pricing the listing — though GMP is unofficial and can swing sharply before the listing date. Scroll down for the full analyst breakdown and analyst-wise verdicts.

General Review

Annu Projects has built telecom, sewerage, gas pipeline and railway signalling infrastructure since 2003, completing 362 projects across eleven states with an owned fleet of over 558 machines. Revenue grew at 25.2 percent CAGR and profit at 37.8 percent over FY24 to FY26. But analyst views are split: three said subscribe, one was neutral, one said avoid outright and one gave no rating.

Listing Gains

Pricing leaves little room. On post-issue EPS of ₹5.04 the ₹99 band works out to about 19.6 to 20 times FY26 earnings, with market cap near ₹648 crore, while peers trade between 15 and 32 times. That is fair rather than cheap, and the divided analyst view offers no strong support. A flat to muted listing is the reasonable expectation.

Short Term Strategy

The near-term concern is real. Operating cash flow was negative in both FY25 and FY26, which is exactly why one analyst gave an outright avoid, and borrowings have risen sharply. Against that, an order book of about ₹1,005 crore, a book to bill of 3.89 times, and L1 status on a ₹918.55 crore BharatNet package give work visibility. Stay cautious until cash improves.

Long Term Strategy

Four verticals give exposure to several government spending themes, and the growth record is strong. But concentration is severe: telecom and sewerage alone give over 90 percent of revenue, government entities 57 percent, and the top ten customers 98 percent. Every analyst note flags this. Long-term value depends fully on collections improving and the client base widening, so it suits risk-taking investors only.

Disclaimer: This review is an AI summary derived from the reviews of all analysts.

Table of Contents

Analyst Sentiment

Analytical Score

How it's calculated?
Apply
76 / 100

Recommend Subscribe

Based on 5 analyst reviews

3 / 5

Higher consensus indicates broader analyst agreement.

Analyst Review

Analyst Verdict View
Adroit Financial Services
Adroit Financial Services
Apply
BP Equities
BP Equities
Apply
Marwadi Shares & Finance
Marwadi Shares & Finance
Avoid
Capital Market
Capital Market
May Apply
Swastika Investmart
Swastika Investmart
Apply
Motilal Oswal
Motilal Oswal
Not Rated

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Frequently Asked Questions

Should I apply for Annu Projects IPO?

Based on analyst coverage tracked on this page, the overall verdict for Annu Projects IPO is Apply. Out of 5 analysts who have reviewed this IPO, 3 recommend subscribing. Always cross-check with the full analyst reviews below and consult a SEBI-registered advisor before making any investment decision.

What does the score of 76 mean for Annu Projects IPO?

The score of 76 is an aggregate of all analyst ratings tracked for Annu Projects IPO. A score in this range indicates strong analyst confidence — most analysts are recommending a subscribe. Scroll down to read individual analyst verdicts for more context.

What was the actual listing price of Annu Projects IPO?

Annu Projects IPO listed on September 2, 2026 at ₹72 , against the issue price of ₹99 — a loss of -27.27% (₹27 per share). View the full GMP history page for day-wise pre-listing trends.

What is the price band and lot size of Annu Projects IPO?

Annu Projects IPO was priced at ₹94-99 per share. The minimum lot size is 151 shares, making the minimum investment approximately ₹14,949 at the upper end of the price band. Subscription ran from 25 Aug 2026 to 28 Aug 2026.

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Disclaimer: Grey Market Premium (GMP) is for information purposes and is not a guarantee of listing price. Always consult your financial advisor before investing.